14. Glossary

Alert

Risk management alerting is the process of providing urgent information about significant risks to an organization's decision-making bodies so that rapid and effective action can be taken to address both the root cause of a risk and the current situation.

Internal audit

Process aimed at providing reasonable assurance on the degree of control over the activity through a set of factual findings made objectively and independently as part of an engagement letter issued by senior management or the audit committee, incorporating them into an audit plan.

Internal control

Self-monitoring system designed to secure processes and ensure compliance with procedures and regulations. In general, the internal control system is structured around three levels: internal business...